Auto Rental Giant Struggles To Expand EV Fleet As Costs Rise

Although I believe the future belongs to renewable energy and electric vehicles, the transition is going to be bumpy. This is something I have emphasized for years. This year provides a great example. Renewables got off to a great start this year, but then higher interest rates started to impact growth projections. In late September NextEra Energy Partners LP (NYSE: NEP), a publicly traded subsidiary of NextEra Energy (NYSE: NEE), announced that it was revising its distribution growth rate expectations from 12% to 15% per annum to 5% to 8%. NEP…

Read more at: https://oilprice.com/Energy/Energy-General/Auto-Rental-Giant-Struggles-To-Expand-EV-Fleet-As-Costs-Rise.html

Iraq’s New Oil Law Highlights The West’s Fading Middle East Influence

Rather like the man falling from the 20th floor of an office block saying ‘So far, so good’ when asked how he is doing, so several Iraq oil industry watchers have characterised the inexorable move towards a unified oil law being rolled out across the country. Untroubled though the journey may be, however, the thud at the end of it is likely to mark a stark new reality from which the West is excluded. The journey began back on 25 September 2017 with the non-binding but much-trumpeted vote on independence for the people of the semi-autonomous…

Read more at: https://oilprice.com/Geopolitics/Africa/Iraqs-New-Oil-Law-Highlights-The-Wests-Fading-Influence-In-The-Middle-East.html

American Refiners To Lower Utilization Rates As Gasoline Demand Cools

American refiners are planning lower refinery utilization rates after producing gasoline at high rates amid softening demand, Reuters reports.  In the past month, U.S. national average gasoline prices have dropped to $3.418 from $3.746, with prices continuing to gradually decline, according to AAA.  While targeting utilization rates in the low-90s, after the bulk of the year saw a high-90s rate, refiners say output will remain high enough to ensure that gas prices remain on their lower track due to softening seasonal demand.  “Guidance…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/American-Refiners-To-Lower-Utilization-Rates-As-Gasoline-Demand-Cools.html

Steel Prices Inch Higher As UAW Strike Ends

Via Metal Miner   The Automotive MMI (Monthly Metals Index) moved sideways month-over-month, rising in price by just 2.31%. Save for hot-dipped galvanized steel, most parts of the index also traded sideways, mainly due to a lack of strong bullish or bearish pressure. Hot-dipped galvanized proved the only outlier due to steel corporations hiking prices. However, the main headline in US steel news remains the potential end of the UAW strike. UAW Strike: An End in Sight After a seven week strike, United Auto Workers (UAW) union and the Big Three…

Read more at: https://oilprice.com/Metals/Commodities/Steel-Prices-Inch-Higher-As-UAW-Strike-Ends.html

Iranian Oil Exports Decline As Sanctions Talk Intensifies

Iranian oil exports have declined for the second consecutive month in October, with the country loading 1.43 million barrels per day of crude and condensate, Bloomberg reports, citing TankerTrackers.com data. The volume loaded for export in October was 194,000 bpd lower than September and reportedly the lowest export-loading volume since July.  Accurately tracking Iran’s crude exports is rendered difficult due to attempts to stymie ship transponders, forcing TankerTankers to rely on satellite imagery to fill in the gaps. …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iranian-Oil-Exports-Decline-As-Sanctions-Talk-Intensifies.html

AI Surge To Fuel Precious Metals Demand In 2024

The boom in AI could mean a boom in industrial demand for precious metals in 2024. Metals Focus, an independent precious metals research consultancy, released a note recently that said it expects the increased demand for chips powering AI technology to drive “widespread support for a range of precious metals bearing components.” Industrial and tech demand for precious metals has been muted this year due to sluggish global economic activity. For instance, the demand for gold in the tech and industrial sector was down 3% year-on-year…

Read more at: https://oilprice.com/Metals/Gold/AI-Surge-To-Fuel-Precious-Metals-Demand-In-2024.html

Ex EU Climate Chief Drops Key Green Pledge Ahead Of Dutch Election

Frans Timmermans, the former European Commission climate chief and currently the leader of the left-wing bloc ahead of the upcoming Dutch elections, has ditched a previous commitment to halve nitrogen emissions by 2030.   Timmermans, who resigned in August from the European Commission to return to Dutch politics and vie for the prime minister’s post, said in a televised debate with the other party leaders in the Netherlands that he had changed his mind after meeting with young farmers.    Farmers…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ex-EU-Climate-Chief-Drops-Key-Green-Pledge-Ahead-Of-Dutch-Election.html

LNG Trading Made The Difference For Oil Supermajors In Q3

The European oil and gas majors, which are also the world’s top LNG traders, reported a mixed bag of third-quarter results, with some beating or meeting estimates and others missing expectations amid diverging gas trading opportunities in Europe and Asia.  Shell and TotalEnergies, the world’s largest and second-largest LNG traders, respectively, reported strong gas trading earnings thanks to the open arbitrage to Asian markets in the third quarter. But BP, another major with a typically strong gas trading business, saw weak results…

Read more at: https://oilprice.com/Energy/Natural-Gas/LNG-Trading-Made-The-Difference-For-Oil-Supermajors-In-Q3.html

Price Of Russian Oil For India Dropped In September

High prices and maintenance prompted Indian refiners to reduce purchases of Russian crude oil in September compared to August, which resulted in lower prices of Russia’s crude landing in the world’s third-largest oil importer in September, per Reuters estimates based on official Indian data. In September, the average landed price of Russian crude for India was around $81.70 per barrel, down from about $86 a barrel in August, according to the data from the Indian Trade Ministry crunched by Reuters. The lower demand from Indian refiners…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Price-Of-Russian-Oil-For-India-Dropped-In-September.html

Tesla’s €25,000 EV Set For Berlin Production

Shares of Tesla in New York are higher in premarket trading after several reports said the company plans to reveal an affordable electric vehicle to be produced at its Giga Berlin-Brandenburg plant in Germany.  Reuters spoke with a source familiar with plans to build a 25,000-euro ($26,838) car at its Berlin-Brandenburg plant. There was no further information about the production start date or any specs on the new vehicle, which is planned to be the cheapest offering for the mass EU market. Currently, Tesla’s least expensive car in Germany…

Read more at: https://oilprice.com/Energy/Energy-General/Teslas-25000-EV-Set-For-Berlin-Production.html

Venezuela In Talks With Oilfield Services Firms To Revive Oil Production

After the sanctions relief from the U.S. last month, Venezuela is in contact with domestic and international oilfield services providers to help it ramp up crude oil production, Reuters reported on Monday, citing sources close to the negotiations. Venezuela’s state-controlled oil firm PDVSA is discussing hiring equipment and services from oilfield services suppliers now that the United States has lifted sanctions on Venezuela’s oil industry after the Nicolas Maduro government reached a deal with the opposition that could see…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Venezuela-In-Talks-With-Oilfield-Services-Firms-To-Revive-Oil-Production.html

Chinese Ship Implicated In Baltic Sea Pipeline Incident

A Chinese ship suspected of damaging an underwater gas pipeline and two telecom cables in the Baltic Sea is returning to China through the Russian Arctic as Finnish investigators continue to search for answers about the vessel’s role in the incident.The Finnish National Bureau of Investigation (NBI) has led a probe into the October 8 damage to the Balticconnector pipeline that runs between Estonia and Finland and announced on October 20 that the Hong Kong-flagged NewNew Polar Bear container ship is the prime suspect, with its tracked location…

Read more at: https://oilprice.com/Geopolitics/International/Chinese-Ship-Implicated-In-Baltic-Sea-Pipeline-Incident.html

European Natural Gas Demand Shows Signs Of Recovery

Europe’s natural gas demand could begin to rise this winter with higher electricity consumption in major markets and easing industrial demand destruction in the Eurozone, analysts and industry professionals have told Bloomberg. Higher demand in Europe this winter could tighten the global LNG and gas markets.         Gas inventories in the European Union are nearly at full capacity at the storage sites, but supply risks from the recent strikes at Australian LNG export facilities and the Hamas-Israel war have kept the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Natural-Gas-Demand-Shows-Signs-Of-Recovery.html

Equinor To Fast-Track New Discovery To Bring Natural Gas To Europe In 2023

Equinor announced on Monday a new commercially viable gas discovery near a producing field that can be brought online and deliver gas to Europe as early as this year.   Equinor has made the gas discovery by the Gina Krog field in the North Sea. Despite the fact that the discovery is small, natural gas production can start as early as 2023, the Norwegian energy major said in a statement. The recoverable volumes at the newly-discovered field are estimated to be between 5 and 16 million barrels of oil equivalent. This is the first commercial…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-To-Fast-Track-New-Discovery-To-Bring-Natural-Gas-To-Europe-In-2023.html

UK Speeds Up Grid Connection For 20 GW Of Clean Energy

National Grid, the UK’s power systems operator, is accelerating the connection of up to 20 gigawatts (GW) of clean energy projects to its electricity transmission and distribution networks in England and Wales as part of a collaborative UK plan to speed up and reform connections. The speeding up of the connection of the renewable energy projects is part of ongoing collaborative industry efforts, together with regulator Ofgem and the government, National Grid said in a statement on Monday. On the transmission network, 19 battery energy storage…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Speeds-Up-Grid-Connection-For-20-GW-Of-Clean-Energy.html

Microsoft-backed OpenAI announces GPT-4 Turbo, its most powerful AI yet

OpenAI announced its new, more powerful GPT-4 Turbo artificial intelligence model during its first in-person event on Monday.

Read more at: https://www.cnbc.com/2023/11/06/openai-announces-more-powerful-gpt-4-turbo-and-cuts-prices.html

Fenway chairman confirms talks with PGA Tour as doubts grow about LIV Golf deal

The talks between Fenway and the PGA Tour raise concerns about the tour’s proposed business combination with Saudi-backed LIV Golf.

Read more at: https://www.cnbc.com/2023/11/06/fenway-chairman-confirms-pga-tour-talks.html

Trump rails against judge, AG’s office during testimony in $250 million fraud trial

New York AG Letitia James accuses Donald Trump, his two adult sons and others of fraudulently inflating the values of Trump’s assets for financial benefits.

Read more at: https://www.cnbc.com/2023/11/06/trump-trial-ex-president-to-testify-in-new-york-fraud-case-.html

Nasdaq closes higher Monday to notch longest winning streak since January: Live updates

Wall Street struggled to maintain its momentum from last week’s strong rally.

Read more at: https://www.cnbc.com/2023/11/05/stock-market-today-live-updates.html

Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called ‘Project Bora Bora’

Citigroup CEO Jane Fraser may preside over some of Wall Street’s deepest job cuts in years as she faces mounting pressure to fix the third-largest U.S. bank.

Read more at: https://www.cnbc.com/2023/11/06/citigroup-considers-deep-job-cuts-project-bora-bora.html

Goldman says this biotech could become a global cell therapy leader, has nearly 40% upside

The firm initiated coverage of the stock with a buy rating.

Read more at: https://www.cnbc.com/2023/11/06/goldman-says-this-biotech-could-become-a-global-cell-therapy-leader-has-nearly-40percent-upside.html

Yellen to host China’s He Lifeng for ‘intensive diplomacy’ ahead of APEC

U.S. Treasury Secretary Janet Yellen will discuss economic partnerships with PRC Vice Premier He Lifeng in San Francisco this week.

Read more at: https://www.cnbc.com/2023/11/06/yellen-to-host-chinas-he-lifeng-for-talks-ahead-of-apec-.html

Wall Street is asking how weight-loss drugs will affect consumer giants — but it may be too early to tell

Delta, Pepsi, Philip Morris International and Darden Restaurants just some names facing questions about how weight-loss drugs could affect their bottom line.

Read more at: https://www.cnbc.com/2023/11/06/weight-loss-drug-frenzy-hits-consumer-giants-in-earnings-season.html

Israel-Hamas war live updates: Over 10,000 Palestinians killed in Gaza, health ministry says; Rafah crossing reopens to limited evacuees

The Israel Defense Forces took control of a Hamas compound and struck over 450 aerial targets in an overnight operation, the military said in a Telegram update.

Read more at: https://www.cnbc.com/2023/11/06/israel-hamas-war-live-updates-latest-news-on-gaza-conflict.html

Bosch, SAP and others back Europe’s answer to OpenAI with $500 million of fresh funds

Aleph Alpha, which has built its own large language models, raised $500 million in a series B round backed by Bosch, SAP and Hewlett Packard Enterprise.

Read more at: https://www.cnbc.com/2023/11/06/aleph-alpha-raises-500-million-to-build-a-european-rival-to-openai.html

How Mike’s Hot Honey built a $40 million a year business with a single product

What started as a hobby nearly 20 years ago has turned into the hottest product in restaurants and honey aisles across the country.

Read more at: https://www.cnbc.com/2023/11/06/how-mikes-hot-honey-built-a-40-million-a-year-business.html

3 things you can learn about taxes from San Francisco 49ers’ Arik Armstead’s paycheck

San Francisco 49ers defensive lineman Arik Armstead recently shared a pay stub on TikTok for “motivational and educational purposes.” Here are three tax lessons.

Read more at: https://www.cnbc.com/2023/11/06/3-things-you-can-learn-about-taxes-from-nfl-star-arik-armsteads-paycheck.html

Billionaire Taylor Swift breaks vinyl sales record: These are her biggest milestones from 2023

“1989 (Taylor’s Version)” is the fastest-selling vinyl record since the stat was first tracked in 1991.

Read more at: https://www.cnbc.com/2023/11/06/from-billionaire-to-billboard-taylor-swifts-biggest-2023-milestones.html

Yemen’s Iran-Backed Houthis Launch New Wave Of Drones Against Israel

Update(1410ET): At a dangerous moment that the United States has two carrier strike groups and a nuclear-powered submarine parked in regional waters, Yemen’s Iran-backed Houthis have launched a wave of drones toward Israel:

Yemen’s Houthis launched a new batch of drones against sensitive targets inside Israel on Monday, according to a statement from their armed forces broadcast by TV channel Al Masirah.

The statement said the targets of the drones were “varied and sensitive” and led to halting the movement in the targeted bases and airports for hours.

It’s unclear how effective they were in reaching Israeli territory, if at all. So far the Yemeni rebels have sent a handful of missiles toward Israel, reportedly with no casualties or damage.

Meanwhile, Secretary of State Antony Blinken’s whirlwind diplomacy tour of Arab capitals doesn’t appear to be yielding much fruit. On Sunday he had been in Baghdad, after which the Daily Caller points out:

Iraqi Prime Minister Mohammed Shia al-Sudani met with Iranian leadership in a show of support for Hamas one day after he met with  Secretary of State Antony Blinken, according to multiple reports.

Blinken traveled to Baghdad on Sunday to express concerns to al-Sudani abo …

Read more at: https://www.zerohedge.com/military/us-rare-move-advertises-location-nuclear-capable-submarine-near-israel

Jordanian Air Force Conducts Unprecedented Medical Supply Airdrop Over Gaza

The death toll in Gaza has surpassed 10,000 and there are a reported tens of thousands of civilians wounded after weeks of Israel’s aerial bombardment and ground assault in response to Hamas’ Oct.7 massacres against soldiers and civilians in southern Israel.

Hamas on Monday has claimed that 250,000 houses, apartments and structures have been destroyed in the Gaza Strip thus far, and hospitals have reiterated they are fast running out fuel needed to run vital generators. Neighboring Jordan has embarked on a rare intervention in Gaza, announcing that its air force had dropped “urgent medical aid” to a Gaza hospital which has been run under Jordanian government oversight since 2009.

Jordanian Air Force C-130, illustrative: Wiki Commons

An Israeli official has told Axios that the Jordanian air drop “was conducted in c …

Read more at: https://www.zerohedge.com/geopolitical/jordanian-air-force-conducts-unprecedented-medical-supply-airdrop-over-gaza

“Control Your Client!” Fireworks Erupt As Trump, Judge And Lawyer Have Courtroom Spat During Civil Fraud Trial

Update (1400ET): The virulent anti-Trump judge overseeing the former President’s New York real estate case popped a gasket during Monday testimony – for which no cameras were allowed.

The trial concerns claims that Trump inappropriately inflated the value of his real-estate holdings in order to obtain commercial loans and insurance policies.

The prosecution began with Attorney General Kevin Wallace asking Trump to confirm that he was head of the Trump organization between May 1, 1981 and Jan. 19, 2017, to which Trump replied that Wallace was among “every Democratic district attorney, attorney general and US Attorney who were coming after me from fifteen sides, all different cases, all Trump haters, all cases that are not good. Weaponization.”

Trump then testified that banks didn’t actually care about his statements of financial condition.

“They just we …

Read more at: https://www.zerohedge.com/political/trump-expected-testify-today-new-york-civil-fraud-trial

Sam Bankman-Badly-Needed-Reality-Check-Fried

Submitted by QTR’s Fringe Finance

In the world of finance, moments that restore faith in reality are few and far between. However, if there was one such moment last week, it was the conviction of Sam Bankman-Fried. This event momentarily bolstered my confidence not just in regulators, but in the very fabric of reality.

It’s important to give credit where it’s due. Many of my readers, along with numerous individuals I follow online, continually chide regulators. Just a year ago, I echoed these sentiments when it became glaringly clear that FTX was a colossal fraud and SBF wasn’t thrown in jail overnight.

Now, a year on, I must congratulate not only the regulators but also the legal system.

Everyone’s diligence in gathering evidence and building a robust case was instrumental in securing a conviction against Bankman-Fried at trial. Prosecutors’ work was both swift (a year is lightning fast to secure a conviction) and commendable.

In addition to restoring my faith in justice and truth, Bankman-Fried’s conviction also rekindled my trust in reality.

Most of my readers are aware that my macro perspective on both markets and the economy is that, …

Read more at: https://www.zerohedge.com/markets/sam-bankman-badly-needed-reality-check-fried

British Steel set to cut up to 2,000 jobs in furnace closure plan

British Steel confirms a plan to close two blast furnaces at its Scunthorpe plant.

Read more at: https://www.bbc.co.uk/news/business-67332093?at_medium=RSS&at_campaign=KARANGA

Plan for 40% of train services to run during strikes

Ministers hope minimum service levels for trains, ambulances and border security will start by Christmas.

Read more at: https://www.bbc.co.uk/news/uk-politics-67333310?at_medium=RSS&at_campaign=KARANGA

Boohoo breaks ethical pledge over making clothes

The firm promised change in 2020, but the BBC has filmed staff squeezing suppliers after deals were agreed.

Read more at: https://www.bbc.co.uk/news/uk-67218916?at_medium=RSS&at_campaign=KARANGA

Adani cos among 5 stocks that saw promoter share rise in Q2

Changes in a company’s promoter holdings offer crucial signals for investors. When promoters buy shares, it can indicate their confidence in the business, a positive sign for investors. Here’s a look at companies that saw the highest sequential increase in promoter holding in the September quarter. (Source: Trendlyne)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/2-adani-firms-among-5-stocks-that-saw-highest-promoter-share-increase-in-q2/show-of-confidence/slideshow/105013234.cms

Tech View: Sideways or uptrend for Nifty ahead? Here’s what traders should do on Tuesday

The Long-Short ratio has improved drastically from 12.30% on 27 October to 17.68% on November 3 as the Foreign Portfolio Investors (FPIs) marginally trimmed their short exposure in Index futures. Nifty has given a higher close for three consecutive days now.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-sideways-or-uptrend-for-nifty-ahead-heres-what-traders-should-do-on-tuesday/articleshow/105014346.cms

IndiGo CEO on Q2 results, aircraft grounding, fuel surcharge & more

“We have recently concluded induction of another 11 planes which are coming in one by one. Going forward, we continue on that track. Only in the month of December, we get three more ATR aircraft coming in, so that is helpful. We got new airbuses coming in and we are evaluating a further increase of leased aircraft going forward.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/indigo-ceo-on-q2-results-aircraft-grounding-fuel-surcharge-more/articleshow/105017485.cms

Futures Movers: Oil prices end higher as Saudi Arabia, Russia confirm extension of output cuts

Oil futures rise after Saudi Arabia and Russia affirm they will extend production cuts through year-end.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7292-0DDFC1BBD40E%7D&siteid=rss&rss=1

Housing affordability hits a 39-year low. ‘It’s fair to expect prices to weaken,’ expert says.

The monthly principal and interest payment on a median-priced house just surpassed $2,500 for the first time, a new record.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7292-621B2D67DFCD%7D&siteid=rss&rss=1

Economic Report: Fed loan-officer survey finds banks continue to tighten loan standards

Banks continued to tighten standards for business loans in the third quarter, according to a survey of loan officers conducted by the Federal Reserve.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7292-460364C83EE4%7D&siteid=rss&rss=1